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Pin to quick picksBarclays Share News (BARC)

Share Price Information for Barclays (BARC)

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Share Price: 216.75
Bid: 216.55
Ask: 216.65
Change: 0.00 (0.00%)
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Open: 217.35
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UPDATE 1-UK court identifies Barclays staff named in Libor probe

Fri, 25th Jan 2013 18:46

* Court releases shortlist of names linked to Libor probe

* Lucas, Ricci named on shortlist

* CEO has warned staff to adopt new standards or leave

* Guardian Care Homes suing over alleged mis-selling

By Matt Scuffham

LONDON, Jan 25 (Reuters) - A number of current and pastexecutives at Barclays are on a list of individualsnamed in documents relating to the regulatory investigation intothe Libor rate-rigging scandal, court documents released onFriday showed.

Guardian Care Homes, a residential carehome operator basedin Wolverhampton, England, is suing Barclays for up to 37million pounds ($58 million) in a claim that it was mis-soldinterest rate hedging products which were based on Libor.

The Guardian Care Homes case is the first to link acomplaint over the alleged mis-selling of interest rate swaps tothe investigation into attempts to manipulate Libor and otherbenchmarket interest rates.

The case is already shining a light on those involved in thebank's interest rate-setting process and asking fresh questionsabout the involvement of senior executives in the affair.

On Friday the High Court in London released a list of 25individuals named in regulatory documents concerning the Liborinvestigation which have been lodged with the court and whichrefer to attempts by Barclays to manipulate Libor.

Alongside past executives including former chief executiveBob Diamond, the list features some of the bank's most seniorand high profile figures including Rich Ricci, who heads up theinvestment bank and Finance Director Chris Lucas.

Ricci told UK lawmakers investigating the scandal inNovember that he was originally a witness in the Liborinvestigation by regulators, but was cleared. He was then ableto lead the bank's internal investigation into the affair.

The American, who was one of Diamond's inner circle andhelped build up the investment bank, has been asked by new ChiefExecutive Antony Jenkins to conduct a reputation-based review ofall of Barclays' investment banking activities.

Tim Lord, a lawyer representing Guardian Care Homes, citeddocuments during a preliminary court hearing on Thursdayreferring to communications from the "31st floor" - the part ofBarclays headquarters in Canary Wharf, London, occupied bysenior executives.

The documents referred to "internal political" pressure toset borrowing rates low in a bid to paint a rosier picture ofthe bank's financial health.

"Guidance, if you can call it that, from the 31st floor isthat we don't stick our head above the parapet in anycircumstance," read a November 2007 email by Miles Storey, amanager in Barclays' treasury department.

Judge Julian Flaux told the court the documents "showed somedebate at a fairly high level within the bank".

The list of 25 names mentioned in the documents includedformer chief operating officer Jerry del Missier, formercompliance head Stephen Morse, money markets desk head MarkDearlove and former group treasurer Jon Stone.

The publication of the names followed the release of a widerlist of 104 names on Thursday after the judge rejected a requestthat they remain anonymous during the preliminary hearing forthe case.

The wider list included employees whose email accounts weredisclosed to the regulatory authorities, but it is not suggestedin the regulatory findings that they were implicated in thefixing or manipulation of Libor.

Twenty-four of the 25 had requested anonymity prior topublication of the list - the exception being former Barclaystrader Jay Merchant, who went on to become head of swaps tradingat UBS before leaving his position last August.

Meanwhile Jenkins is due to announce the results of astrategic review of Barclays on Feb. 12. He has already toldstaff to leave if they do not want to sign up to a new set ofstandards aimed at rebuilding the bank's reputation after astring of scandals.

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18 Feb 2024 23:26

Sunday newspaper round-up: Currys, Barclays, Homebuilders

(Sharecast News) - China's JD.com has been looking at a possible acquisition offer for Currys. Just the day before the electricals retailer had rebuffed an approach by private equity. Exploratory talks between Currys and JD had been held over the preceding weeks. Additional bidders may appear. It was understood that Currys had been contacted by multiple private equity firms on an informal basis over recent months after it was forced to cut its dividend payout. It was but the latest example of a British business being taken out and for some showed that British businesses were being chronically undervalued. - Sunday Telegraph

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16 Feb 2024 12:07

LONDON MARKET MIDDAY: Stocks up as UK retail sales soften GDP jitters

(Alliance News) - Stock prices in London were up strongly at midday on Friday, buoyed by UK retail sales data that came in far better than expected and soothed worries about the economy after numbers on Thursday showed it entered recession last year.

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16 Feb 2024 08:41

LONDON MARKET OPEN: Stocks climb amid UK retail sales surprise

(Alliance News) - Stock prices in London opened higher on Friday morning, after a sentiment-boosting UK retail sales reading which calmed some nerves about the economy.

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15 Feb 2024 11:59

REPEAT: Barclays bids to buy SocGen's UK private bank - Reuters

(Alliance News) - Barclays PLC is considering bidding to buy the UK private bank of France's Societe Generale SA, Reuters reported on Thursday.

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15 Feb 2024 10:37

PRESS: Barclays bids to buy SogGen's UK private bank - Reuters

(Alliance News) - Barclays PLC is considering bidding to buy the UK private bank of France's Societe Generale SA, Reuters reported on Thursday.

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15 Feb 2024 07:24

Barclays eyes SocGen's UK private bank - report

(Sharecast News) - Barclays is considering bidding for Societe Generale's UK private bank, it was reported on Thursday.

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13 Feb 2024 14:34

UK earnings, trading statements calendar - next 7 days

Wednesday 14 February 
Coca-Cola HBC AGFull Year Results
Dunelm PLCHalf Year Results
Pan African Resources PLCHalf Year Results
Severn Trent PLCTrading Statement
United Utilities Group PLCTrading Statement
Thursday 15 February 
Benchmark Holdings PLCQ1 Results
Centrica PLCFull Year Results
MJ Gleeson PLCHalf Year Results
Relx PLCFull Year Results
South32 LtdHalf Year Results
Friday 16 February 
NatWest Group PLCFull Year Results
Segro PLCFull Year Results
TBC Bank Group PLCFull Year Results
Monday 19 February 
Bank of Cyprus Holdings PLCFull Year Results
MoneySupermarket.com PLCFull Year Results
Transense Technologies PLCHalf Year Results
Wilmington PLCHalf Year Results
Tuesday 20 February 
Barclays PLCFull Year Results
BHP Group LtdHalf Year Results
Coca-Cola Europacific Partners PLCFull Year Results
Gran Tierra Energy IncFull Year Results
InterContinental Hotels Group PLCFull Year Results
Petra Diamonds LtdHalf Year Results
Springfield Properties PLCHalf Year Results
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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9 Feb 2024 17:02

LONDON MARKET CLOSE: FTSE 100 falls at end of tepid week

(Alliance News) - Stock prices in London closed lower on Friday, with the FTSE 100's losing streak extending to three days, as sentiment in Europe remains tetchy despite a largely stellar start to the day in New York.

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9 Feb 2024 15:15

London close: Stocks turn sour in afternoon trading

(Sharecast News) - London's markets turned lower on Friday afternoon, concluding a volatile week on a negative note.

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9 Feb 2024 12:46

Barclays pledges to stop directly financing new oil and gas projects

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9 Feb 2024 11:44

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LONDON MARKET OPEN: Tesco bank sold to Barclays for GBP600 million

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Barclays adds scale, income and profits with Tesco Bank deal, says Shore Capital

(Sharecast News) - Shore Capital has reiterated a 'buy' recommendation on Barclays after its deal to takeover Tesco Personal Finance for £600m, saying that the stock should double from current levels.

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9 Feb 2024 07:59

TOP NEWS: Barclays buys Tesco Bank as supermarkets refocus on food

(Alliance News) - Barclays PLC and Tesco PLC on Friday announced an agreement for Barclays to buy the retail banking business of Tesco Bank, as the big UK supermarkets scale back their forays into financial services.

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